What is the Difference Between LNYW and MMP?
What is the difference between the Live Near Your Work (LNYW) program and the Maryland Mortgage Program (MMP)? That is a great question. Both are great ways for would be home buyer's to get down payment assistance to purchase a home and some home buyers may even qualify for both.
The LNYW program is an employer based grant program and after 5 years the grant is completely forgiven. The amount of this grant also varies depending on the employer. There may be some location restrictions, length of service and even job title restrictions to qualify for this grant. You'll need to check this list to see if your employer participates and how much you may qualify for and also check with your human resources department for any restrictions.
The MMP Loan Assist program is a $5,000 interest and payment free loan that is repaid when you sell your home. There are some income and credit restrictions and you must work with an approved lender. You can use multiple programs with this loan so it may be possible for you to purchase a home for as little as $1,000 of your own money. To find a list of approved lenders take a look at the website or ask me for a referral.
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
The Traczyk Team
Remax New Beginnings